7th Timberland Investment Summit
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

7th Timberland Investment Summit

on

  • 1,226 views

"IQPC’s 7th Timberland Investment Summit is the key meeting of the year for investment opportunities in the timberland asset class. Now in its 7th successful year, the conference brings together a ...

"IQPC’s 7th Timberland Investment Summit is the key meeting of the year for investment opportunities in the timberland asset class. Now in its 7th successful year, the conference brings together a comprehensive line-up of decision-makers from the entire timberland investments value chain including pension funds, hedge funds, endowments, family offices, TIMOs, REITs, forestry management companies, law firms, and banks.

Here’s a sneak peak at highlights of the 2010 program:

Highest ever participation from institutional investors, with speakers confirmed from Mass-PRIM, CPP Investment Board, TIAA CREF, APG, and Dallas Police & Fire Retirement System

Dedicated workshops on risk mitigation, carbon credits, and strategies for smaller investors

In-depth keynotes on the prospects for the US housing market, the macroeconomic outlook for timberland and the future of timberland values

Interactive roundtable discussions on the top 5 timberland investment opportunities
"

Statistics

Views

Total Views
1,226
Views on SlideShare
1,225
Embed Views
1

Actions

Likes
0
Downloads
4
Comments
0

1 Embed 1

http://www.slashdocs.com 1

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

7th Timberland Investment Summit Document Transcript

  • 1. Don’t Miss our Interactive Roundtable Discussions on the Top 5 North American Investment Destinations (page 5) June 23 – 25, 2010 • Vancouver, British Columbia NAVIGATING THE LANDSCAPE FOR STRATEGIC INVESTMENTS IN NORTH AMERICAN TIMBERLAND Learn best practices from top Timberland experts and investors, including: Tim Schlitzer Clark Binkley Keith Balter Senior Investment Officer Managing Director Principal Massachusetts PRIM Board International Forestry Forest Capital Partners Colin Carlton Investment Advisors VP, Investment Research Brendan K Lowney Dennis Neilson Canada Pension Plan Principal, Macroeconomics Director Investment Board Forest Economic Advisors LLC DANA Gerald Brown Chairman Steven Diebenow Steven Chercover Dallas Police & Principal Senior Research Analyst Fire Pension System Rock Creek Capital D. A. Davidson & Co “Very interesting presentations and discussions!” - Jack Lutz, Director of Research, FourWinds Capital Management New for 2010: Register by March • Highest ever participation from institutional investors, with speakers confirmed from TIAA- 26th and SAVE CREF, Mass-PRIM, APG, CPP Investment Board and Dallas Police & Fire Retirement System up to $2,096! See page 7 for details • Dedicated workshops on risk mitigation, carbon credits and strategies for smaller investors • In-depth keynotes on the prospects for the US housing market, the macroeconomic outlook for timberland and the future of timberland values • Interactive roundtable discussions on the Top 5 North American Investment Opportunities Media Partners: Sponsors: www.TimberlandInvestmentSummit.com
  • 2. Our Speaker Faculty: Tim Schlitzer Senior Investment Officer, Real Estate and Timberland Massachusetts PRIM Board Colin Carlton VP, Investment Research Canada Pension Plan Investment Board June 23 – 25, 2010 • Vancouver, British Columbia Gerald Brown Chairman Dallas Police & Fire Pension System Sue Ryan Goodman this “Lumber prices have climbed 32% on the futures market Portfolio Manager, Real Estate & Timber year, a sudden and unexpected surge that contrasts with a APG Asset Management decline in most other commodities, such as fossil fuels Sandy LaBaugh Director, Alternative Investments and industrial metals.” TIAA-CREF The Wall Street Journal, February 16, 2010 Curtis Seltzer 73% of Editor, LandThink & Author, How to Be a Dirt- Speakers New Smart Buyer of Country Property Dear Investor, for 2010! Joel Shapiro Welcome to IQPC’s 7th Timberlan CEO d Investment Summit – the key Timbervest year for US & Canadian investmen meeting of the t opportunities in the timberland asset class. Chung-Hong Fu Timberland has always been an attra Managing Director, Economic Research & ctive investment: Since 1970 timb average of approximately 15% a year, erland has returned an Analysis easily outperforming the stock mark averaged 11%. It also has low volat et, which has Forest Investment Resources ility and returns are enhanced by continues regardless of wars, econ biological growth – which omic crises and changes of administr Scott Jones ation. CEO But lumber values are most certainly The Forest Landowners Association linked to developments in the broa outlook is far from certain. What der economy, where the are the prospects for the US hous driver of lumber demand? How migh ing market, the single biggest Jack Lutz t the market in woody biomass affec Director of Research values? What about global demand t overall timberland for wood and paper products? FourWinds Capital Management One of the largest question marks Dennis Neilson relates to inflation. Over the last cent outperformed inflation by an avera ury, timberland has Director ge of 3.3% a year, making it one inflation hedges available. But is infla of the most effective DANA tion really on the cards? Many talking up inflation since the beginnin economists have been g of fiscal stimulus back in January Steven Diebenow precious little of it so far. One reaso 2009, but we’ve seen n for the lack of inflation has been Principal to pass on the effects of fiscal stimu the reluctance of banks lus in the form of increased lending Rock Creek Capital see if this picture changes over 2010 – and we shall have to . Keith Balter Overall, then, the investment outlo Principal ok for timberland is uncertain and American investors to know whether it’s difficult for North Forest Capital Partners they’re faced with an outstanding imperative to sell. Gaining a deeper buying opportunity or an understanding of the factors that influ Brendan K Lowney is therefore essential to investors who ence timberland values Principal, Macroeconomics wish to make money with this asset Timberland Investment Summit addr class – and the 7th Forest Economic Advisors LLC esses this need head-on with a num ber of can’t miss sessions: • Steve Chercover, Senior Research Rocky Goodnow Analyst at D. A. Davidson & Co Director, Timber top paper & forest products analysts and one of the world’s will deliver an exclusive keynote addr Forest Economic Advisors LLC macroeconomic outlook for timberlan ess on the d investments, with a particular emp will be affected by possible economic hasis on how values Steven Chercover scenarios like inflation, deflation, and recession a double-dip Senior Research Analyst • Our largest ever investor roundtab D. A. Davidson & Co le session will feature speakers from TIAA-CREF, CPP Investment Boar Mass PRIM, APG, d and Dallas Police & Fire Retirem Lloyd Irland • Keith Balter, Principal of Forest ent System Capital Partners, will uncover essen Lecturer and Senior Scientist future prospects of the US housing tial insights about the Yale School of Forestry market, and examine the precise inter between lumber prices, housing start relationship s, and timberland values • More C-Level participation from leadi Dr Jeffrey P. Prestemon ng TIMOs including Rock Creek Capi Research Forester, Forestry Sciences Laboratory Capital Partners, Timberland Inve tal, Forest stment Resources and Timberve SRS USDA Forest Service st, to name a few Please do take a few minutes to revie Clark Binkley w the exciting agenda we’ve assem your place at the 7th Timberland bled and then book Managing Director Investment Summit. International Forestry Investment Advisors I look forward to meeting you in sunny Vancouver this June! Peter Barynin Who Wi ll You Meet? Principal Timber Economist RISI Sincerely, ■ 22% TIMOs ■ 16% Paper & Forest Products Companie Aldo de Cresci Neto s ■ 15%Institutional Investors Partner ■ 12%Forest Management Companies FMGCN ■ 10%Hedge Funds & Other Investor Tim Corriero Types Managing Director Toby Donovan ■ 8% Conservation Organizations FIA Timber Partners Program Director ■ 8% Law Firms 7th Timberland ■ 5% Banks Reid Carter Investment Summit ■ 4% Other Managing Partner Brookfield Asset Management Brian Stanton 2 www.TimberlandInvestmentSummit.com | 1-800-882-8684 PhD and Managing Director Tree Improvement for GreenWood Resources
  • 3. Pre-Conference Workshops Wednesday, June 23, 2010 8:00 – 10:30 Registration at 7:30 (Coffee will be served) A Timberland 101: Gaining Effective Exposure to the Asset Class Timberland is an attractive investment, but it is also strongly knowledge-based: the most 9:00-10:30 Part II: Emerging Opportunities in Timberland Investment successful investors are those who take the time to develop an in-depth understanding of the asset class. For those new to timberland investments, this breakfast workshop will You want me to invest where? Emerging markets in timberland investment. provide you with essential, practical know-how about accessing the asset class, avoiding Reid Carter, Managing Partner, Brookfield Asset Management, will provide an overview common pitfalls, and structuring your investment correctly to maximize returns. of global opportunities to invest in timberland, with an emphasis on the opportunities in emerging markets outside the normal purview of investors with commentary on the 8:00-8:45 Part I: Timberland investment: Why, How, When and Where? advantages and disadvantages of each region. Clark S. Binkley, Managing Director of International Forestry Investment Advisors, LLC, and Can trees really grow that fast? Leveraging forestry technologies to generate higher, internationally known timberland investment expert will review the traditional reasons for more reliable returns. investing in timberland (good returns, low correlation with other assets/diversification, real asset/inflation hedge) with commentary on how these factors have changed, not always Brian Stanton, PhD and Managing Director of Tree Improvement for GreenWood favorably, in the current market. He will also discuss alternative investment vehicles with Resources, will introduce the non-specialist to how tree improvement works, how better the advantages and disadvantages of each. His remarks will include a discussion of where genetics interact positively with better on-the-ground management, and how all of this we are in the investment cycle in the United States and elsewhere. There will be ample translates into higher, more reliable returns for timberland investors. He will provide opportunity for Q&A. examples for several key commercial species grown in the US, Latin America, Australasia and elsewhere. Clark S. Binkley Reid Carter Brian Stanton Managing Director Managing Partner PhD and Managing Director International Forestry Investment Advisors, LLC Brookfield Asset Management Tree Improvement for GreenWood Resources 11:00 – 1:30 Registration at 10:30 (Lunch will be served) B 360º Risk Management for Timberland Investments: Fireproof Your Timberland Investment through Comprehensive Due Diligence and Risk Mitigation Strategies Successful timberland investing requires a comprehensive knowledge of the dangers • Examine the most effective strategies for guarding against each risk – and determine involved – together with a detailed grasp of due diligence activities and risk mitigation which risk mitigation strategies are ineffective, to avoid wasting time strategies. In this workshop, delegates will be taken through the full range of How you will benefit: timberland investment risks, include macro-economic risks, industry specific risks, • Minimize the risks associated with your timberland investing currency risks and forest management risks. • Create strategies for dealing with investment pitfalls – before they occur What you will learn: • Dramatically improve your investment confidence • Gain a detailed understanding of the full range of timberland investment risks, including: Jack Lutz • Macroeconomic risks (GDP changes, credit, real estate) • Industry-specific risks (valuation error, market timing error, etc) Director of Research • Regulatory risks (federal policing, tax changes) FourWinds Capital Management • Currency risks (eg. Unfavorable changes to US-Canadian dollar exchange) About your workshop leader: • Forest management risks (protection against Pine Beetle and fires) Your workshop leader is Dr Jack Lutz, Director of Global Research and Valuations for FourWinds Capital Management, who brings 25 years of timberland investing experience. 2:00 – 4:30 Registration at 1:30 C Strategies for Smaller Investors: How the Little Guys can Beat the Big Guys at Timberland Investing It’s often been said that timberland investing is a game mainly for the institutional players – • Make the most of being a smaller investor those who can buy at significant scales, and diversify among multiple geographies and even • Avoid first-purchase surprises countries. But the fact remains that some of the most successful timberland investors of the Curtis Seltzer last 20 years or so have been much smaller players, and that smaller investors actually have a unique set of their own advantages which few have the expertise to capitalize on. In this Editor, LandThink & Author afternoon workshop, learn how to make the most of being a smaller investor and discover How to Be a Dirt-Smart Buyer of Country Property some of the “dirt-smart” strategies for walking away with sizeable returns! About your workshop leader: What you will learn: Your workshop leader is Curtis Seltzer, who has lived and worked in the country for the • Discover how to identify attractively discounted parcels of timberland better part of 35 years. He has helped clients find and buy timberland (both pine and • Walk away with reliable strategies for valuing smaller timberland tracts hardwoods), farms, development land and conservation property. He is also the widely- How you will benefit: praised author of How to be a Dirt-Smart Buyer of Country Property (2007, Infinity • Remove – as far as possible – the emotion from your investment decision making process Publishing). 5:00 – 7:30 Registration at 4:30 D Tradable Carbon Credits in the Timberland Market: Maximizing Returns from an Alternative Revenue Stream This workshop will cover how agreeing to conserve forest rather than converting forest • Hearing the pros and cons of creating a global umbrella framework for REDD land to other uses may also serve to generate tradable carbon credits. Forest lands under the UNFCCC offer significant opportunities for sequestering carbon as well as limiting additional • Identifying the key funding avenues and finance mechanisms emissions to the atmosphere from forest land conversion. Lloyd Irland What you will learn: Lecturer and Senior Scientist • Examining how to measure forest carbon Yale School of Forestry • Exploring new and emerging domestic and international project opportunities • Analyzing the impact of a globally integrated carbon trading system for forest About your workshop leader: owners and investors Your workshop leader is Dr Lloyd Irland, Lecturer and Senior Scientist at the Yale School of Forestry. Dr Irland is widely acknowledged to be one of the world’s leading How you will benefit: experts on forestry timberland investment issues, and has more than 30 years’ • Getting an essential update on the policy and regulation affecting the timberland sector experience in the sector. Sponsors: www.TimberlandInvestmentSummit.com | 1-800-882-8684 3
  • 4. Main Conference Day One Thursday, June 24, 2010 “It was a pleasure to participate in the conference. I enjoyed meeting with colleagues in the industry and learned a number of new things. I will look forward to IQPC’s future timberland events!” Chung-Hong Fu, Managing Director, Economic Research & Analysis, Forest Investment Resources 7:30 Registration & Coffee 10:15 Morning Networking Break 8:30 Chairperson’s Opening Remarks 11:00 Factors Affecting North American Supply: Mountain Pine Beetle, Harvesting Trends, and 8:45 KEYNOTE ADDRESS: the Health of the Supply Chain Inflation, Deflation, and the Threat of “Double-Dip”: Several factors are complicating North American supply-side Examining the Impact of Possible Economic dynamics. On the one hand, due to harvest delays, stumpage Scenarios on Timberland Values levels are at an all-time high, and some commentators have Timberland’s effectiveness as an inflation hedge is well speculated on the possibility of a supply-side glut if demand documented: over the course of the 20th century timberland returns and everyone harvests at the same time. On the other outperformed inflation by an average of 3.3% a year. But is hand, the supply chain is weakened. How effectively and quickly inflation really on the cards? Many economists have argued that can harvesting actually take place, even if the will is there? And deflation is a likelier scenario, and some have raised the finally, the Mountain Pine Beetle continues to lay its disruptive (admittedly rather horrible) spectre of a double-dip recession. The larvae in the middle of the supply side equation. Brendan Lowney question is: how will timberland values be affected by each of and Rocky Goodnow – two leading experts in North American these scenarios? To what extent should economic uncertainty supply-side dynamics – will look at this key issue from a number influence investment strategies in the asset class? IQPC is honored of directions, including: to welcome as its keynote speaker Steven Chercover, one of the • Examining the impact of Pine Beetle infestations on North world’s top forest & paper products analysts, who will focus on: American inventories • Examining the inflationary pressures in the US economy: dollar • Understanding the effect of the economic downturn on the weakness and expanded monetary supply health of sawmills and logging companies • Examining the deflationary pressures: Widespread credit • Quantifying the extent of harvest delays on overall stumpage contraction and unemployment increases levels: Will the net consequence of an uptick in demand be a • Indicators as to whether inflationary or deflationary pressures glut of supply? will triumph over the next few years • Forecasting the impact of regulatory changes on supply dynamics • Understanding how timberland values respond to inflationary, Brendan K Lowney deflationary, and recessionary pressures – and what each of the Principal, Macroeconomics scenarios will mean for a given portfolio Forest Economic Advisors LLC Steven Chercover Rocky Goodnow Senior Research Analyst Director, Timber D. A. Davidson & Co Forest Economic Advisors LLC 9:30 The US Housing Market: 11:45 Taking the Temperature of the North American Understanding the Future Prospects for the Biomass Market Major Driver of Future Timberland Demand With a near national consensus on the desirability of renewable For a timberland discussion to be meaningful, the US housing market energy sources, the biomass market is increasing in size and is the 8,000 pound gorilla in the room that needs to be addressed. importance – and with major implications for timberland Weakness in the US housing market has traditionally been a investors. What are the near-term growth prospects? Longer-term, depressive influence on the lumber market, but recently the situation what proportion of energy needs might theoretically be met by has been complicated by a weakened supply chain which has created woody biomass? the oddly anomalous spectacle of soaring lumber futures. How will these forces resolve themselves in the short, medium, and long term • Taking a closer look at the pressures driving the growth of – and what will be the implications for timberland investments? Keith biomass as a fuel source: • The demand for renewable energy sources Balter, Senior Economist of Forest Capital Partners and a longstanding • The need to reduce energy dependency commentator on the US housing market, will provide meaningful • Federal and state assistance, including BCAP (Biomass Crop insights in the following key areas: Assistance Program) • A closer look at the performance of the US housing market • Understanding how the biomass market varies on a state-by- over previous decades state basis • Examining the correlation between housing starts, lumber • How the growth in the biomass market affects the overall prices, and timberland values supply-demand equation for timberland • Gauging the future prospects for the US housing market: demographics and economics Peter Barynin • Does US housing matter to the US timber market? Housing and Principal Timber Economist market fundamentals RISI Keith Balter 12:30 Networking Luncheon Principal Forest Capital Partners 4 www.TimberlandInvestmentSummit.com | 1-800-882-8684
  • 5. 2:00 Timberland Values: Jack Lutz Time to Buy or Time to Sell? Director of Research With so much economic uncertainty and so many conflicting FourWinds Capital Management variables, the future of timberland values may well seem Joel Shapiro impossible to predict. But for timberland investors the stakes (and CEO the rewards) are high, and it’s essential that decisions are made Timbervest with the full complement of available insight. For this extended panel session, we bring together four heavyweight timberland Jamie Greenough thinkers to roll up their sleeves and get deep into the topic. A Broker & Analyst must attend panel for any serious timberland investor. Global Securities Corp • What determines the price of timberland? Getting to grips with 3:15 Afternoon Networking Break the full range of contributing factors • Examining the historical price record: Do timberland values 4:00 Interactive Roundtable Discussions: move in cycles? Where to Invest? The Top 5 Timberland • A closer look at the prospects for paper, pulp, packaging, wood Investment Destinations products – both internationally and at home The timberland landscape is fragmented and complicated, with a • Incorporating supply issues into the value equation: How variety of attractive investment destinations competing for the capable is the North American productive base of responding to attention of the investor. In this exciting, interactive conference demand? What are the implications for timberland prices? session, we ask 5 leading TIMOs to nominate their top investment • Making an informed decision about whether timberland values opportunity, and share the reasons for their selection with an are currently near a top, representing a selling opportunity, or intimate group of delegates from the audience. near a bottom, representing a buying opportunity Places on each roundtable will be awarded on a first-come, first-served Chung-Hong Fu basis – so make sure you book early to be sure of your first choice! Managing Director, Economic Research & Analysis Forest Investment Resources Aldo de Cresci Neto Partner FMGCN 5:00 End of Main Conference Day One “Timberland has gained traction in recent years among large institutional investors such as state pension funds and university endowments as they look to diversify their investment portfolios. As an asset class, timberland outperformed stocks between 1987 and 2007, with the National Council of Real Estate Investment Fiduciaries' timberland index generating a compounded annual return of 15.3 percent, versus the S&P 500's 10 percent.” Reuters Main Conference Day Two Friday, June 25, 2010 8:30 Pension & Endowment Fund Think Tank 9:40 Chairperson’s Opening Remarks - 9:30 By Invitation Only 9:50 KEYNOTE ADDRESS: The Pension & Endowment Think Tank is an hour long discussion The Changing Investment Landscape: mini-track limited to 15 participants from pension and Does the TIMO or the REIT Own the Future? endowment funds. There are two levels of participation: You can You asked us to bring back Joel Shapiro. We listened – and be among a select group of leaders that will bring to the forefront awarded him his own keynote address on the future of the one topic of interest or challenge you are facing right now. Or timberland investments space! This unmissable session will delve you can be an attendee and take advantage of an exclusive deep into the factors currently affecting change in the timberland networking opportunity that is focused on your specific needs. landscape, including considerations on the structures that will Attendance is strictly limited to pension and endowment funds, dominate the future and the ongoing dynamic between TIMOs and all discussions are off-line and off the record. Key discussion and REITs. Specific focus areas will include: areas will include: • Evaluating the pros and cons of TIMOs and REITs • Portfolio optimization strategies Back by • Liquidity considerations • Market timing and access strategies Popular • Taxation considerations • Comparisons with other alternative asset classes Demand! • Appropriateness of each structure for differing investment • Risk management for timberland investments horizons Pension funds confirmed (as of 02/19/10) include: Mass- • Examining the factors that will determine whether the TIMO or PRIM, Dallas Police & Fire Retirement System, APG, TIAA- REIT structure stands to benefit in the future CREF & CPP Investment Board Joel Shapiro CEO 9:00 Registration & Coffee Timbervest Sponsors: www.TimberlandInvestmentSummit.com | 1-800-882-8684 5
  • 6. 10:35 International Trends in Timberland Investments 1:15 Networking Luncheon The 7th Timberland Investment Summit is focused on North American investment opportunities. Nevertheless, the audience is 2:15 Maximizing Returns from “Higher Better Use” international in outlook, and there is strong interest in the global Land picture for timberland investments. Dennis Neilson of DANA – who Despite (at the time of writing) soaring lumber futures, the long- has made a name for himself in recent years by publishing the term prospects for timber prices remain uncertain – and many industry’s pre-eminent report on timberland markets globally – will investors continue to look seriously at alternative strategies for present the findings of his latest study, with a particular focus on: extracting value from their timberland assets. HBU – Highest Best Use – a broad term which encompasses numerous alternative • The size of institutional investment – North America versus revenue streams, is well understood – but what’s less well international understood is precisely how landowners should go about setting • Historical trends of international investment – scale and players up alternative revenue streams, which streams they should • New international investment trends – the sizzle countries and prioritize, and how they should be maximized. Steven Diebenow outlook is one of the world’s top experts in this niche field, and in this • Changing investment return targets session he will deliver strategies for: • International country risk analysis • Examining the benefits of designating and identifying HBU land Dennis Neilson • Understanding the most effective valuation techniques for HBU Director land DANA • Prioritizing HBU land: A rural real estate analysis to determine which variety of HBU will be most valuable 11:20 Morning Networking Break • Incorporating HBU land into your portfolio strategy 12:05 Reassessing the Role of Timberland within Steven Diebenow Institutional Portfolios: Principal A Comparison with Alternative Asset Classes Rock Creek Capital IQPC is honored to unveil its largest and most significant investor roundtable ever – with senior decision-makers confirmed from 3:00 Exploring the Economics of Harvest Timing: Mass-PRIM, APG, TIAA-CREF, CPP Investment Board, and Dallas Is Conventional Wisdom Accurate in the Current Police & Fire Retirement System. This extended panel discussion Environment? will cover all aspects of the asset class from the viewpoint of The conventional wisdom of industrial timberland management is institutional investors, including its suitability as an inflation that when timber prices are weak, managers maximize value by hedge, its role within an alternatives portfolio, and the most harvesting the minimum amount of trees possible, deferring effective diversification strategies within the asset class itself: further harvest until timber prices recover. The presumption is that future value – driven by continued biological growth plus higher • A closer look at the attractiveness of timberland from an future timber prices – will more than make up for the weak institutional perspective: • Biological growth current cash yields resulting from minimal harvest operations • Inflation hedging today. This strategy appears to be widely followed by timberland • Low volatility managers during the current period of weak timber prices. • Reduced stock market correlation In this continuing extraordinary timber price environment, • Considerations on the size of timberland allocation within an however, it is appropriate to ask: under what set of circumstances institutional portfolio might the conventional wisdom to defer harvests fail to maximize • Diversification strategies within the timberland allocation: value? Might the unusual distress of the recession and its profound determining the optimal mix of geographies, species-types, and impact on timber prices suggest a different approach to harvest management styles timing? Is there a contrarian opportunity to accelerate harvesting, • Institutional risk management strategies for timberland maximizing current cash flow in exchange for reduced future investments potential value? Does the duration of low timber prices suggest that cutting now might be better than waiting it out? Tim Schlitzer Senior Investment Officer, Real Estate and Timberland Tim Corriero Massachusetts PRIM Board Managing Director FIA Timber Partners Colin Carlton VP, Investment Research 3:45 When Models Disagree: Canada Pension Plan Investment Board Examining the Extent and Implications of Gerald Brown Conflicting Forecasting Models Chairman • Dissecting forecasting models: how they work, the assumptions Dallas Police & Fire Pension System they make, how accurate are their predictions • Understanding the extent to which timberland forecasting Sue Ryan Goodman models disagree: Quantifying the financial implications of Portfolio Manager, Real Estate & Timber conflicting models APG Asset Management • Comparing current forecasts for major North American timberland regions: SE, NE, West Coast & Canada, etc. Sandy LaBaugh • Examining strategies for reconciling differences between Director, Alternative Investments forecasts TIAA-CREF • Where do the forecasts agree that timberland investing looks promising, unpromising and unknowable going forward? Dr Jeffrey P. Prestemon Research Forester, Forestry Sciences Laboratory SRS USDA Forest Service 4:30 End of Conference 6 www.TimberlandInvestmentSummit.com | 1-800-882-8684
  • 7. Registration Information Team Discounts: For information on team discounts, please contact IQPC Customer Pricing Register By Register by Register by Standard March 26, 2010 April 23, 2010 May 21, 2010 Price Service at 1-800-882-8684. Only one discount may be applied per registrant. Conference Only (save $900) (save $600) (save $300) Special Discounts Available: A limited number of discounts are available for the $999 $1,299 $1,599 $1,899 non-profit sector, government organizations and academia. For more information, please contact customer service at 1-800-882-8684. Conference (save $1,000) (save $600) (save $300) + 1 Workshop $1,448 $1,848 $2,148 $2,448 Details for making payment via EFT or wire transfer: JPMorgan Chase - Penton Learning Systems LLC dba Conference (save $1,000) (save $600) (save $300) IQPC: 957-097239 + 2 Workshops $1,997 $2,397 $2,697 $2,997 ABA/Routing #: 021000021 All-Access Pass: (save $1,000) (save $600) (save $300) Reference: Please include the name of the attendee(s) and the event number: Conference + $1,999 $2,399 $2,699 $2,999 10683.006 all 4 workshops Payment Policy: Payment is due in full at the time of registration and includes Workshop(s) Only $549 each $549 each $549 each $549 each lunches and refreshment. Your registration will not be confirmed until payment is received and may be subject to cancellation. Please note prices are in Canadian Dollars and are subject to a 5% GST. For IQPC’s Cancellation, Postponement and Substitution Policy, please visit Please note multiple discounts cannot be combined. www.iqpc.com/cancellation A $99 processing charge will be assessed to all registrations not accompanied by credit card payment at Special Dietary Needs: If you have a dietary restriction, please contact Customer the time of registration. Service at 1-800-882-8684 to discuss your specific needs. MAKE CHECKS PAYABLE IN CANADIAN DOLLARS TO: IQPC ©2010 IQPC. All Rights Reserved. The format, design, content and arrangement of this brochure constitute a trademark of IQPC. Unauthorized reproduction will be * CT residents or people employed in the state of CT must add 6% sales tax. actionable under the Lanham Act and common law principles. Sponsorship And Exhibition Opportunities About the Location: Vancouver, BC Sponsorships and exhibits are excellent opportunities for your Surrounded by water on three sides and nestled alongside the Coast company to showcase its products and services to high-level, targeted Mountain Range, Vancouver is the largest city in the province of British decision-makers attending the 7th Timberland Investment Columbia with over half a million residents and one of the mildest climates in Summit. IQPC and Finance IQ help companies like yours achieve Canada. Home to spectacular natural scenery and a bustling metropolitan important sales, marketing and branding objectives by setting aside a core, Vancouver was home to the Olympic and Paralympic Winter Games in limited number of event sponsorships and exhibit spaces – all of 2010. Timberland delegates are advised to prolong their stay on either side of which are tailored to assist your organization in creating a platform to the conference, to experience more of what this beautiful city has to offer! maximize its exposure at the event. As soon as a specific venue is confirmed we will post the information For more information on sponsoring or exhibiting at the 7th online. If you would like to be notified via email as soon as the information Timberland Investment Summit, please contact Mario Matulich becomes available please email info@iqpc.com with the following in the at 212-885-2719 or sponsorship@iqpc.com. subject line: "7th Timberland Investment Summit Venue Request". Sponsors: RISI's mission is to create the highest quality FLEURY MALHEIROS, GASPARINI, DE information for and about the global forest CRESCI E NOGUEIRA DE LIMA products industry and deliver it to customers as ADVOGADOS is the law firm in Brazil part of value-added solutions. We work with that formed a team of lawyers with clients in the pulp and paper, wood products, timber, tissue and over 7 years of experience in various types of timberland nonwovens industries to help them make better business decisions. investments in Brazil (sustainable use of natural forests in the North Website: www.risiinfo.co of Brazil, development of plantations of teak in the West and plantations of Eucalyptus and Pinus in the Northeast, Southeast and South). Website: www.fmgcn.com.br Media Partners Sponsors: www.TimberlandInvestmentSummit.com | 1-800-882-8684 7
  • 8. International Quality & Productivity Center REGISTRATION CARD 535 5th Avenue, 8th Floor YES! Please register me for: New York, NY 10017 June 23 – 25, 2010 • Vancouver, British Columbia ❑ Conference Only ❑ All Access Pass ❑ Conference + 1 workshop ❑ Workshop(s) ❑ A ❑ B ❑ C ❑ D ❑ Conference + 2 workshops See Page 5 for pricing details. Your customer registration code is: When registering, please provide the code above. Name__________________________________ Job Title ________________________ Organization____________________________________________________________ Approving Manager______________________________________________________ Address________________________________________________________________ City__________________________________State______________Zip____________ Phone________________________________Fax_______________________________ E-mail__________________________________________________________________ 5 EASY WAYS TO REGISTER: ❑ Please keep me informed via email about this and other related events. 1 Web: www.TimberlandInvestmentSummit.com ❑ Check enclosed for $_________ (Payable to IQPC) 2 Call: 1-800-882-8684 ❑ Charge my __Amex __Visa __Mastercard __Diners Club 3 Email: info@iqpc.com Card #__________________________________Exp. Date___/___ CVM code ______ 4 Fax: 1-646-378-6025 Details for making payment via EFT or wire transfer can be found on preceding page. 5 Mail: IQPC 535 5th Avenue, 8th Floor, ❑ I cannot attend, but please keep me informed of all future events. 10683.006/D/AL New York, NY 10017 Register by March 26th and SAVE up to $2,096! See page 7 for details June 23 – 25, 2010 • Vancouver, British Columbia NAVIGATING THE LANDSCAPE FOR STRATEGIC INVESTMENTS IN NORTH AMERICAN TIMBERLAND Media Partners: Sponsors: www.TimberlandInvestmentSummit.com